Stock market today: Trade setup for Nifty 50, Gautam Adani to global markets; 5 stocks to buy or sell Thursday— Nov 28

The markets continued their range-bound movement for the third straight session, edging slightly higher and extending the ongoing consolidation trend. After an early rise, the Nifty 50 hovered within a tight range throughout the first half of the session. However, a late rally in key day trading stocks such as HDFC Bank and those from the Adani Group propelled the index to close at its highest level in three weeks.

Energy sectors led the market, posting more than 1.5% gains, while certain pharma and real estate stocks experienced profit-taking at elevated price levels.

Shares of Adani Group companies saw increased buying activity following clarifications regarding the absence of FCPA charges. All Adani Group stocks closed strongly, with gains ranging from 4% to 20%.

During morning trading, the stock reached its 10% upper circuit limit, and by the end of the session, it closed at ₹121.65 per share on the NSE.

Focus on Global Markets and Adani Stocks

Investor sentiment improved as easing geopolitical tensions and new record highs on Wall Street boosted market confidence.

The US Federal Reserve recently released minutes from its latest meeting, with members expressing optimism about inflation and a resilient labor stock market today paving the way for potential gradual interest rate cuts, a sentiment echoed by Siddhartha Khemka, Head of Research, Motilal Oswal Financial Services. Khemka added that investors are keenly awaiting the release of the revised Q3 GDP estimate, PCE favourable inflation figures and initial jobless claims, which can set the tone for Stock market new trends ahead.

Stock Recommendations for Today

Sumeet Bagadia, Executive Director at Choice Broking, highlighted two stocks to consider for today. Meanwhile, Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, has provided three Buy or Sell stock picks the day.

Stocks to Consider Today – Sumeet Bagadia's Recommendations

Sumeet Bagadia advises purchasing Ganesh Housing at ₹1241.1, with a stop loss at ₹1195 and a target price of ₹1313.

This suggests the stock could rise to ₹1545 before encountering resistance. The stock holds a key support level at ₹1480, providing a solid foundation for this upward move.